X Your answer is incorrect. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.) The estimated inventory at May 31 ta 69800 Sage Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information For the month of May. Inventory, May 1 Purchases (gross) Freight-in $ 147,800 637,400 31,000 953,600 72,200 11,900 Sales revenue Sales returns Purchase discounts